Management

Functions of Management

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To be a successful manager in any market situation a clear understanding of the four functions of management must be effectively comprehended. Each of the four functions when implemented properly can assist a company by ensuring resources are not wasted, such as time and money. The four functions of management are as follows: planning, organizing, leading, and controlling (Bateman & Snell, 2009). These important functions of management are essential for building stronger teams within the organization, and streamline productivity. A clear understanding and practice of each function can, when used effectively, transform any ordinary manager into an exceptional leader.

Planning is the first function to be understood. Planning incorporates analyzing and identifying the needs of the company. With those needs the company’s future requirements must also be identified. Once a clear understanding is obtained the next step is to create an effective strategy for the company to reach their goals. Gathering of research from the current economy and markets will assist in implementing the chosen strategy. This will make the company’s future goals more visible and obtainable. Managers must remember planning is the function of which the other functions are based upon. Without a strong plan the company’s follow through may not endure.

An external and internal factor, which may impose challenges, is always a possibility. These challenges also may pose a need for the plan to be adjusted, depending on the situation. A wise tactic for a manager is to attempt to foresee challenges so a plan may be implemented proactively; however, managers are also glided to be flexible and think on their feet. The ability to determine the company’s weaknesses and strengths can be the difference in the success of a plan.

Once the planning phase is understood the organizing phase may take place. This phase entails...